Mortgage approvals increased at the end of last year
February 18, 2010
According to recent figures the end of last year saw the level of mortgage approvals in the UK increase, although approval levels were still far lower than they were the previous year. Figures have been released by the UK’s major banks, and have shown that mortgage approval levels increase towards the end of last year, with nearly 46,000 loans for new home purchases being approved in December of 2009.
However, despite the encouraging news that mortgage approvals had increase figures also showed that the approval levels for December were double those seen in the same period the previous year. However, overall mortgage approval levels were 27 percent lower than the previous year, and were also the lowest on record with the British Banker’s Association, which started keeping records in 1997.
David Dooks from the British Banker’s Association said that the mainstream banks in the UK had definitely increased their mortgage lending levels. He also said that much of the contraction that had been seen in the mortgage lending market over the past couple of years had come as a result of specialist lenders pulling out of the market because of the global credit crisis.
An official also said that the higher level of approvals in December could have a knock on effect on approvals and transactions in the first two months of this year, stating: “Historically, we would see a drop off in mortgage purchases in December, but with the stamp duty holiday expiring at the end of the year, this has led inevitably to a lot of rushed-through house purchases. What we are likely to see in January and February is an unusually large drop off in mortgage purchases, because sales which would normally have been concluded in the first two months of this year have been pushed through in December.”
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